The Rail India Technical and Economic Service Ltd. (RITES) has recently stated that it has inked an MoU (memorandum of understanding) with CRIS (Centre for Railway Information Systems) to discover the information technology-based prospects in the railway sector's new age areas.

The MoU will empower both parties to utilize each other's capabilities and collaborate to enhance digitalization in railway technologies.

Together, the firms will be working on domestic and global projects and will work to develop intelligent and smart IT solutions for railways other than modernizing the current tech and telecommunication in the sector.

While commenting on the move, Sanjay Gupta, Chief IT Officer, RITES, said this memorandum of understanding between RITES and CRIS would help them provide trailblazing solutions to the customers. This will also help provide them with a roadmap for building the digital future as the firm is constantly working on innovating and utilizing its technical expertise across the globe.

RITES is a Miniratna (Category I) schedule 'A' public sector enterprise and one of the leading players in the engineering sector and transport consultancy in India withholding expanded services and geographical reach.

Additionally, it is the only export division of the Indian Railways for offering rolling stock overseas (apart from Malaysia, Indonesia, and Thailand).

As of 31st March 2022, the government of India held a 72.2% share in the company. The net sales of RITES rose by 21.7% to Rs 766.02 crore (USD 95.9 million) for the quarter ending on 31st March 2022, as compared to the net sales of Rs 629.36 crore (USD 78.7 million) recorded in the corresponding period last year.

The shares of RITES were being traded at Rs233.15 (USD 2.9) per share, up by 0.52% as compared to its earliest closing price of Rs 231.95 (USD 2.8) per share on the BSE (Bombay Stock Exchange).

Source Credit - https://www.business-standard.com/article/news-cm/rites-cris-ink-mou-to-explore-rail-tech-opportunities-122071300468_1.html